Discounted Cash Flow

Netapp, Inc.

NTAP · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $5.5b $509.0m $811.0m 9.2% $1.85
2018 $5.9b (7.1%) $76.0m (-85.1%) $76.0m (-90.6%) 1.3% (-86.1%) $0.28 (-84.9%)
2019 $6.1b (4.0%) $1.2b (1438.2%) $1.2b (1436.8%) 19.0% (1379.3%) $4.60 (1542.9%)
2020 $5.4b (-11.9%) $819.0m (-29.9%) $936.0m (-19.9%) 15.1% (-20.4%) $3.56 (-22.6%)
2021 $5.7b (6.1%) $730.0m (-10.9%) $1.2b (25.1%) 12.7% (-16.0%) $3.29 (-7.6%)
2022 $6.3b (10.0%) $937.0m (28.4%) $985.0m (-15.9%) 14.8% (16.7%) $4.20 (27.7%)
2023 $6.4b (0.7%) $1.3b (36.0%) $868.0m (-11.9%) 20.0% (35.0%) $5.87 (39.8%)
2024 $6.3b (-1.5%) $986.0m (-22.6%) $1.5b (76.3%) 15.7% (-21.4%) $4.74 (-19.3%)
2025 $6.6b (4.9%) $1.2b (20.3%) $1.3b (-12.5%) 18.0% (14.7%) $5.81 (22.6%)
2026 $6.9b (5.4%) $1.3b (7.6%) $1.9b (39.7%) 18.4% (2.1%) $6.41 (10.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model